Universal Mortgage & Finance Rates, Fees & Info

LUTHERVILLE, MD

LEI: 549300FFPMB9B7FHNR61

Tax ID: 52-2276553

1 stars - out of 5 stars, based on 18 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Universal Mortgage & Finance is a smaller mortgage company specializing in Home Purchase and Refi loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Washington, Baltimore, Virginia Beach, Reno, and California among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Universal Mortgage & Finance has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Universal Mortgage & Finance is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 7.68% 1/29/23
    30 Year Conventional Purchase 6.89% 1/29/23
    30 Year Conventional Refi 6.73% 1/29/23
    30 Year Cash-out Refi 7.04% 1/29/23
    30 Year FHA Purchase 7.75% 1/29/23
    30 Year FHA Refi 7.20% 1/29/23
    30 Year VA Purchase 6.80% 1/29/23
    30 Year VA Refi 6.17% 1/29/23
    30 Year USDA Purchase 7.03% 1/29/23
    15 Year Conventional Purchase 6.50% 1/29/23
    15 Year Conventional Refi 6.35% 1/29/23
    15 Year Cash-out Refi 6.35% 1/29/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    330

    Origination Dollar Volume (All Markets)

    $110,920,000

    Relative Rate

    Universal Mortgage & Finance's average 30 year fixed mortgage rate was 3.34%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.19%.

    Relative Fees (Closing Costs)

    Universal Mortgage & Finance's average total fees/closing costs for a 30 year fixed rate mortgage were $9,820.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 133 $48,815,000 $367,030 $11,028 3.29%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 81 $25,855,000 $319,198 $9,558 3.23%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 31 $9,415,000 $303,710 $7,802 3.34%
    RENO, NV (FHA|USDA|VA) 20 $7,130,000 $356,500 $7,177 3.31%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 10 $2,720,000 $272,000 $8,287 3.64%
    JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,640,000 $410,000 $12,490 3.53%
    SALISBURY, MD-DE (FHA|USDA|VA) 4 $1,160,000 $290,000 $11,747 3.25%
    ROANOKE, VA (FHA|USDA|VA) 2 $1,030,000 $515,000 $7,478 3.56%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $9,129 4.75%
    Outside of Metro Areas 6 $970,000 $161,667 $5,273 3.31%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $780,000 $390,000 $5,395 3.44%
    Fernley, NV (FHA|USDA|VA) 2 $760,000 $380,000 $7,868 3.31%
    WINSTON-SALEM, NC (FHA|USDA|VA) 3 $695,000 $231,667 $7,467 3.92%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $570,000 $285,000 $5,225 3.88%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $515,000 $515,000 $10,408 3.25%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $500,000 $250,000 $6,223 3.50%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $485,000 $485,000 $5,503 3.25%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $485,000 $485,000 $6,786 3.99%
    DALTON, GA (FHA|USDA|VA) 2 $450,000 $225,000 $8,682 3.15%
    RICHMOND, VA (FHA|USDA|VA) 2 $440,000 $220,000 $3,312 3.38%
    Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $425,000 $425,000 $9,057 3.25%
    Cambridge, MD (FHA|USDA|VA) 2 $420,000 $210,000 $10,877 3.44%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $415,000 $415,000 $4,667 3.38%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $415,000 $415,000 $4,061 2.75%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $0 2.59%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $395,000 $395,000 $19,917 3.75%
    Jesup, GA (FHA|USDA|VA) 1 $335,000 $335,000 $19,207 3.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $315,000 $315,000 $12,073 3.63%
    STAUNTON, VA (FHA|USDA|VA) 1 $315,000 $315,000 $0 2.57%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $5,298 2.88%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $265,000 $265,000 $7,600 4.00%
    OCALA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $10,582 3.00%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,952 3.50%
    Granbury, TX (FHA|USDA|VA) 1 $205,000 $205,000 $6,869 3.88%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $195,000 $195,000 $11,098 3.75%
    DOVER, DE (FHA|USDA|VA) 1 $195,000 $195,000 $8,153 2.88%
    CARSON CITY, NV (FHA|USDA|VA) 1 $185,000 $185,000 $5,892 3.25%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $155,000 $155,000 $5,798 3.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $5,506 3.99%
    Universal Mortgage & Finance's top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against UNIVERSAL MORTGAGE & FINANCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Great Basin Federal Credit Union
    Similarity Rank: 348
    POINT BREEZE
    Similarity Rank: 477
    ABNB Federal Credit Union
    Similarity Rank: 544
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 722
    Securityplus FCU
    Similarity Rank: 736
    ONE NEVADA CREDIT UNION
    Similarity Rank: 897
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 1344
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 180 $58,190,000 $323,278 $7,073 3.37%
    FHA 102 $34,750,000 $340,686 $13,448 3.27%
    VA 37 $15,405,000 $416,351 $11,411 3.18%
    USDA 5 $1,465,000 $293,000 $8,713 3.13%
    FHA 4 $950,000 $237,500 $0 2.73%
    HELOC 2 $160,000 $80,000 n/a 4.25%

    For 2021, Universal Mortgage & Finance's most frequently originated type of loan was Conventional, with 180 originations. Their 2nd most popular type was FHA, with 102 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 186 $66,170,000 $355,753 $10,761 3.36%
    Refi 77 $25,045,000 $325,260 $7,442 3.13%
    Cash Out Refi 66 $19,510,000 $295,606 $8,880 3.41%
    Other 1 $195,000 $195,000 $0 3.25%

    For 2021, Universal Mortgage & Finance's most frequently cited loan purpose was Home Purchase, with 186 originations. The 2nd most popular reason was Refi, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 305 $105,015,000 $344,311 $9,820 3.34%
    15 Year 12 $2,950,000 $245,833 $5,397 2.76%
    Other 7 $1,555,000 $222,143 $7,722 2.99%
    20 Year 5 $1,215,000 $243,000 $8,251 3.52%
    10 Year 1 $185,000 $185,000 $4,529 2.75%

    For 2021, Universal Mortgage & Finance's most frequently cited loan duration was 30 Year, with 305 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 107 $36,235,000 $338,645
    $5k+ 101 $39,985,000 $395,891
    $3k-4k 42 $11,990,000 $285,476
    $2k-3k 38 $10,060,000 $264,737
    $4k-5k 35 $11,235,000 $321,000
    $<1k 1 $305,000 $305,000

    Universal Mortgage & Finance's average total fees were $9,820, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 107 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 215 $70,895,000 $329,744
    2.5-3% 68 $24,920,000 $366,471
    4-5% 24 $7,330,000 $305,417
    <2.5% 23 $7,775,000 $338,043

    During 2021, Universal Mortgage & Finance's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 215 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 186 $54,420,000 $292,581 $8,875 3.30%
    $400k-600k 79 $37,875,000 $479,430 $11,842 3.22%
    $100k-200k 46 $7,520,000 $163,478 $6,041 3.50%
    $600k-1MM 14 $9,820,000 $701,429 $18,476 3.26%
    $100,000 or less 4 $280,000 $70,000 $5,506 3.75%
    $1MM+ 1 $1,005,000 $1,005,000 $9,129 4.75%

    2021 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 186 originations, totaling $54,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 85 $27,475,000 $323,235 $10,213 3.39%
    $100k-150k 83 $30,895,000 $372,229 $10,478 3.34%
    $50k-75k 71 $19,005,000 $267,676 $8,221 3.20%
    $150k-250k 47 $19,665,000 $418,404 $10,238 3.29%
    $50k or less 33 $8,475,000 $256,818 $7,682 3.20%
    $250k+ 11 $5,405,000 $491,364 $9,648 3.68%

    Universal Mortgage & Finance lent most frequently to those with incomes in the $75k-100k range, with 85 originations. The second most popular income band? $100k-150k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $15,965,000 $313,039 $8,062 3.22%
    30-36% 47 $15,525,000 $330,319 $9,546 3.40%
    50-60% 33 $12,875,000 $390,152 $14,425 3.24%
    39% 16 $5,320,000 $332,500 $10,563 3.58%
    49% 16 $5,640,000 $352,500 $14,376 3.17%
    44% 15 $4,535,000 $302,333 $8,699 3.58%
    37% 15 $4,565,000 $304,333 $9,269 3.43%
    36% 14 $4,550,000 $325,000 $9,335 3.33%
    <20% 14 $4,180,000 $298,571 $6,437 3.33%
    48% 13 $4,115,000 $316,538 $9,079 3.37%
    45% 13 $5,195,000 $399,615 $10,329 3.27%
    41% 12 $4,150,000 $345,833 $9,557 3.18%
    47% 12 $3,740,000 $311,667 $8,648 3.45%
    43% 11 $3,735,000 $339,545 $8,152 3.34%
    42% 10 $3,370,000 $337,000 $7,102 3.66%
    46% 9 $2,675,000 $297,222 $9,051 3.30%
    40% 9 $3,415,000 $379,444 $6,949 3.21%
    38% 9 $3,625,000 $402,778 $9,198 3.17%
    >60% 1 $315,000 $315,000 $0 2.57%

    Universal Mortgage & Finance lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 140 $45,630,000 $325,929 $8,708 3.29%
    Black 138 $45,400,000 $328,986 $10,564 3.35%
    Not provided 47 $18,055,000 $384,149 $9,339 3.28%
    Asian 2 $970,000 $485,000 $13,002 3.13%
    Filipino 2 $560,000 $280,000 $6,353 3.63%
    American Indian 1 $305,000 $305,000 $10,185 3.00%

    Approval Rates

    Total approvals of all applications
    96.13%

    Universal Mortgage & Finance has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    86.97%

    Universal Mortgage & Finance has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 330 $110,920,000 $336,121

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    330 $110,920,000 $336,121

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,660,000 $207,500 $5,008 3.30%
    40-60% 23 $5,595,000 $243,261 $5,094 3.19%
    60-80% 97 $32,205,000 $332,010 $8,461 3.33%
    80-100% 192 $67,580,000 $351,979 $10,418 3.32%
    Over 100% 8 $3,720,000 $465,000 $21,090 3.16%
    Under 20% 2 $160,000 $80,000 $0 4.25%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    UNIVERSAL LENDING CORP. Conventional home mortgage Struggling to pay mortgage 1 100.0%